Caroline, a Fifth Avenue shopgirl, is repeatedly urged by her needy mother to marry the wealthy old man who met her in her place of work. The night before giving her answer, Caroline dreams that she is the protagonist in a novel called The King's Favorite . She is pampered as long as she finds favor in his eyes, but when he insists that there be no child born, Caroline, pregnant, flees from the house and gives her baby to some nuns. After her husband's death, Caroline inherits his wealth and abandons herself to a life of pleasure. Her punishment comes when a younger man she really loves discovers her past and jilts her. At this point, Caroline awakens from her dream. The next morning, when the old man proposes to her again at the shop, she rejects him.

The American Film Institute is grateful to Sir Paul Getty KBE and the Sir Paul Getty KBE Estate for their dedication to the art of the moving image and their support for the AFI Catalog of Feature Films and without whose support AFI would not have been able to achieve this historical landmark in this epic scholarly endeavor.